HOUSTON--(BUSINESS WIRE)--Corebridge Financial today announced the launch of Corebridge MarketLock® Annuity, a registered index-linked annuity (RILA) issued by its subsidiary American General Life Insurance Company. MarketLock features a powerful accumulation strategy exclusive to Corebridge, as well as many of the most popular RILA investment strategies sought by financial professionals and their clients. All the investment strategies in the Corebridge RILA offer growth potential and a level of downside protection.
With its new RILA, Corebridge has added to its expansive suite of retirement solutions to become the only top 3 annuity provider with products in every major category—fixed annuities, index annuities, variable annuities and now registered index-linked annuities.1
“We recognize how essential it is for financial professionals to have a single trusted annuity provider that can help them meet the diverse retirement needs of all their clients. With MarketLock, Corebridge is expanding on what is already one of the broadest and most comprehensive annuity platforms in the industry,” said Bryan Pinsky, President of Individual Retirement at Corebridge Financial. “As more Gen Xers and millennials start planning for retirement, annuities and especially RILAs have become increasingly important in diversifying investment portfolios and helping to deliver growth potential with some downside protection.”
RILAs are growing in popularity across the U.S. annuity market, having set new sales records for five consecutive quarters and significantly outpacing sales growth in other annuity product categories.2 The increasing use of RILAs by financial professionals and their clients is a result of the effectiveness with which these products can provide upside potential with a level of downside protection to help tackle retirement challenges like inflation, rising health care costs and market volatility.
The new MarketLock RILA includes a powerful investment strategy exclusive to Corebridge. This Lock Strategy is the only available RILA strategy account option that locks and credits a rate based on actual S&P 500® index performance on the day the preset growth target is reached, securing these gains automatically and immediately—even if the target is hit before the strategy term’s end date. After the gains are locked in, consumers are guaranteed a fixed rate of interest until the next contract anniversary, when they can transfer assets to any available MarketLock strategy account option. Growth targets for the Lock Strategy are 30%, 40% or 50% for 3-year terms and 50%, 75% or 100% with 6-year terms.
“As a longtime annuity pioneer, Corebridge is proud to bring our track record of success and innovation to the RILA space. Our Lock Strategy, with its convenience, ease-of-use and ability to lock in actual index performance, is a key differentiator that separates MarketLock from other RILAs with lock-in features,” said Tina Haley, Senior Vice President & Head of Product for Individual Retirement at Corebridge Financial. “What makes Corebridge MarketLock Annuity stand out is that we deliver this powerful new enhancement while also providing many of the RILA strategies that are already familiar to financial professionals. Having all this versatility packed into a single RILA is incredibly valuable in helping meet clients’ needs and goals in changing market environments.”
Corebridge MarketLock Annuity is highly customizable with 20 different strategy account options that include the exclusive Lock Strategy, as well as some of the most popular crediting methods in the industry, such as Cap (offers earnings potential up to a maximum percentage), Trigger (can guarantee a preset rate of return when index performance is 0% or higher) and Dual Direction (opportunity to generate positive returns in both up and down markets). With each strategy account option, MarketLock offers downside protection through a buffer that can help protect against potential loss up to a specified percentage. As an example, if the buffer is 10% and the index declines by 10% or less, then no losses are experienced. If the index drops by more than 10%, the buffer protects against the first 10% of that decline and losses are limited to only the amount that exceeds the buffer rate.
Corebridge has developed a range of high-impact interactive tools for financial professionals and their clients to demonstrate how each MarketLock strategy account option may perform across different market environments. More information about Corebridge MarketLock Annuity can be found here on the Corebridge website. The full breadth of Corebridge annuity products can be seen here.
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Registered index-linked annuities (RILAs) are long-term insurance products designed for retirement. They are not a direct investment in the stock market. RILAs provide the potential for earnings to be credited based in part on the performance of the specified index with the potential for risk of loss of principal due to market downturns or fluctuations. The principal value and returns will fluctuate so that the value when redeemed may be worth more or less than the original cost. RILAs may not be suitable or appropriate for all individuals.
Early withdrawals may be subject to withdrawal charges. Partial withdrawals may reduce benefits available under the contract, as well as the amount available upon a full surrender. Withdrawals of taxable amounts are subject to ordinary income tax and if taken prior to age 59½, an additional 10% federal tax may apply.
Indices are unmanaged, have no identifiable objectives and cannot be purchased. Index options are price return options and do not reflect dividends paid. Strategy account options are subject to change at any time. See the prospectus for more information. Strategy account options are not a permanent part of the contract and may be removed due to circumstances beyond the control of American General Life Insurance Company. Strategy account options may vary by firm and may not be available in all firms or states.
The S&P 500® Index is a product of S&P Dow Jones Indices LLC (“SPDJI”) and has been licensed for use by American General Life Insurance Company (“AGL”) and affiliates. Standard & Poor's®, S&P®, and S&P 500® are registered trademarks of Standard & Poor's Financial Services LLC (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by AGL and affiliates. AGL and affiliates' products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P or their respective affiliates, and none of such parties make any representation regarding the advisability of purchasing such product(s) nor do they have any liability for any errors, omissions or interruptions of the S&P 500® Index.
This material is general in nature, was developed for educational use only, and is not intended to provide financial, legal, fiduciary, accounting or tax advice, nor is it intended to make any recommendations. Applicable laws and regulations are complex and subject to change. Please consult with your financial professional regarding your situation. For legal, accounting or tax advice consult the appropriate professional.
All contract and optional benefit guarantees, including any fixed account crediting rates or annuity rates, are backed by the claims-paying ability of the issuing insurance company. They are not obligations of or backed by the distributor, insurance agency or any affiliates of those entities and none make any representations or guarantees regarding the claims-paying ability of the issuing insurance company. Products and features may vary by state and may not be available in all states or firms. The purchase of Corebridge MarketLock Annuity is not required for and is not a term or provision of any banking service or activity.
Corebridge MarketLock Annuity is sold by prospectus only. The prospectus contains the investment objectives, risks, fees, charges, expenses and other information regarding the contract, which should be considered carefully before investing. A prospectus and summary prospectus if available may be obtained by calling 1-877-445-1262. Investors should read the prospectus carefully before investing.
Corebridge MarketLock Annuity is issued by American General Life Insurance Company (AGL), Houston, TX, in all states except New York. AGL does not solicit, issue or deliver policies or contracts in the state of New York. Distributed by Corebridge Capital Services, Inc. (CCS), member FINRA, 21650 Oxnard Street, Suite 750, Woodland Hills, CA 91367-4997, 1-800-445-7862. AGL and CCS are subsidiaries of Corebridge Financial, Inc. Corebridge Financial and Corebridge are marketing names used by subsidiaries of Corebridge Financial, Inc.
Not FDIC or NCUA/NCUSIF Insured |
May Lose Value • No Bank or Credit Union Guarantee |
Not a Deposit • Not Insured by any Federal Government Agency |
About Corebridge Financial
Corebridge Financial, Inc. (NYSE: CRBG) makes it possible for more people to take action in their financial lives. With more than $390 billion in assets under management and administration as of June 30, 2024, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States. We proudly partner with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures. For more information, visit corebridgefinancial.com and follow us on LinkedIn, YouTube and Instagram.
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1 LIMRA, “U.S. Individual Annuity Sales (2024 Second Quarter Results),” “U.S. Individual Fixed Annuity Sales (2024 Second Quarter Fixed Breakout Results)” and “U.S. Individual Variable Annuity Sales (2024 Second Quarter VA Breakout Results),” LIMRA Fact Tank, https://www.limra.com/en/newsroom/fact-tank/
2 LIMRA, “LIMRA: U.S. Annuity Sales Set New Record in First Half of 2024,” July 24, 2024, https://www.limra.com/en/newsroom/news-releases/2024/limra-u.s.-annuity-sales-set-new-record-in-first-half-of-2024/
